European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

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Event-Driven

Solaria Energia y Medio Ambiente / Event-Driven

Solaria Energia y Medio Ambiente (SLR SM)

<ul>
<li>Solaria Energia y Medio Ambiente (SLR SM) faces stock market volatility amid takeover rumors. The controlling family reportedly won't sell below €20/share, a 79% premium to current prices.</li>
<li>After the takeover of other independent power developers, Solaria may now hold some scarcity value. Premia in comparable transactions range from 27% to 54%. Solaria trades at 11.2x fwd EBITDA.</li>
<li>A 50% premium (€16.8/share, €3.1bn EV) takeover wouldn't be irrational at 14.7x EBITDA. I believe the shares are undervalued and recommend buying SLR SM at current prices, anticipating a possible deal.</li>
</ul>


Solaria Energia y Medio Ambiente (SLR SM) faces stock market volatility amid takeover rumors. The controlling family reportedly won't sell below €20/share, a 79% premium to current prices.
After the takeover of other independent power developers, Solaria may now hold some scarcity value. Premia in comparable transactions range from 27% to 54%. Solaria trades at 11.2x fwd EBITDA.
A 50% premium (€16.8/share, €3.1bn EV) takeover wouldn't be irrational at 14.7x EBITDA. I believe the shares are undervalued and recommend buying SLR SM at current prices, anticipating a possible deal.


Solaria: The Next Big Takeover in Spanish Renewables?